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Latham & Watkins Advises on Largest IPO in Latin America in 2025
February 10, 2026
The firm represented the initial purchasers in the offering.
Latham & Watkins LLP represented the initial purchasers in the MXN 11.6 billion (US$630 million) global initial public offering of common stock by Esentia Energy Development, S.A.B. de C.V. (Esentia), including the full exercise of an overallotment option granted to the initial purchasers. The common stock, which was sold in a registered offering in Mexico and a private placement in the United States and elsewhere outside Mexico, is listed on the Mexican Stock Exchange. The offering was the largest IPO in Latin America in 2025.
Esentia is a leading company in Mexico’s energy sector, specializing in the transportation and commercialization of natural gas. With over 20 years of experience, Esentia develops infrastructure projects that foster growth and expand access to energy, contributing to Mexico’s well-being and sustainable development. Esentia operates Mexico’s largest interconnected natural gas system, which delivers reliable, cost-efficient natural gas from Waha, Texas, across central Mexico to the country’s key industrial regions.
The Latham & Watkins LLP team that advised the initial purchasers on US law matters was led by partners Roderick Branch, Ryan Maierson, Philip Wolf, and counsel Manasi Bhattacharyya, with associate Concepción Olivera and international visiting associates Emiliano Flores and Jorge Hinzpeter. Advice was also provided on US tax matters by partners Rene de Vera and Bora Bozkurt.
Latham was the #1 US IPO legal adviser in 2025, handling more traditional US IPOs across sectors, by deal count and value, than any other law firm. Over the last five years, we have also handled approximately 40% of US IPOs by foreign private issuers (FPIs), the most of any law firm.